Do you have a will?

Do you have a will? 

We all meet our maker one day and having a valid will is the best way to ensure your assets pass to those you love.

Wills aren’t solely for the aged.  When it comes to death in our early years, we younger generation have a tendency to believe ‘it won’t happen to me’ ... but it can and it does.  Almost everyone should have a will in place, just in case.

A will is a legal document instructing how your assets are to be distributed upon your death.  The purpose of a will is not solely to cover your assets, it can also be employed to protect your loved ones.  For example, if you have dependent children you can direct who is to look after them if you and your partner both pass away, and it can also let their nominated guardians know at what age they can receive their inheritance. 

If you die without a will you die ‘intestate’ which means that a fixed set of rules will be used to distribute your assets. This of course may not be how you want your assets dispersed.

The benefits of having a will are many, read Sally Tyrie’s Q&A on wills to find out more.

Money Smart not Money Short

The Australian budget 2013 unravelled ... the Baby Bonus

The Australian budget 2013 unravelled ... the Baby Bonus

So you're eating for two?   In the full light of the morning, is your partner starting to discover 'evidence' of your midnight snacking ... empty bowls in the sink, crumbs on the workbench?  Or do you still fit quite comfortably into your skin tight jeans (damn you!) and are simply considering extending your family?   

Whatever stage you are at in your 'journey' of parenthood, it would be wise to look at your budget and your financial entitlements.

The baby bonus is a casualty of the 2013 Australian budget and will be replaced by a one-off increase in Family Tax Benefit Part A, with effect 1 March 2014.  Fewer stay-at-home mums will now qualify for the scheme, and those that do will receive thousands of dollars less. 

As with Baby Bonus, if you qualify for this-one of payment you will not be entitled to claim Paid Parental Leave.  It's not all doom and gloom though!  The Paid Parental Leave scheme has not been affected by the budget and will continue to provide financial assistance in the early months after the birth or adoption of your child.

Make sure you check out Sally Tyrie's Q&A on the babybonus and paid parental leave scheme @ 1MUM.

Money Smart not Money Short

 

Life insurance ... don't slip up, protect your family against the banana skin in your life

Life insurance ... don't slip up, protect your family against the banana skin in your life

Australia is one of the most underinsured nations in the developing world, ranking 16th in a global listing, and for those of us who have life insurance we often haven't got enough.

Not everyone needs life insurance, it depends upon your stage in life and your individual circumstances. Ask yourself the following question ...

Would anyone I care about be worse off if I was unable to work or passed away, and if so, do I want to make sure their interests are protected?

For most, the answer will be a resounding 'yes'!

With the Australian Bureau of Statistics (ABS) revealing that 3 in every 4 Australians will be diagnosed with a serious illness during their working life, if you're in a relationship or have children, you should ensure you are insured and ensure you have enough.

Make sure you check out Sally Tyrie's Q&A on life insurance and get clued up and insured up today.

Money Smart not Money Short

Do you want to know about the superannuation guarantee in Australia? How much do you need to squirrel away to be happy?

Whatever your lifestyle, whatever your income, if you are employed the superannuation (super) guarantee is of benefit to you.

The government has proposed to increase the super guarantee rate from 9% to 12% of your income between July 2013 and July 2019.  The first change is due on 1 July 2013 when the 9% rate will increase to 9.25%.

The big issue is that people just don't have enough saved to cover them when they begin their retirement. 

The AFSA Retirement Standard reports that for a couple to live a ‘comfortable’ life in retirement you will need an income after tax of just over $56,000 a year. 

Make sure you check out Sally Tyrie's Q&A on the government changes to Super and get on top of how much you need to save for your retirement.

Money Smart not Money Short